ZeniMax obtains $300 million investment

ZeniMax Media has announced the closing of a USD 300 million investment by Providence Equity Partners Inc. for convertible preferred stock of the Company.

The proceeds of the investment will be used to fund future growth, increase game development and publishing, facilitate acquisitions, and finance massively multiplayer online games.

"We believe that Providence will be an ideal partner for us as we build our businesses worldwide in the years ahead," said ZeniMax chairman and CEO Robert A. Altman.

"Providence shares our strategic vision for the Company and is excited by the opportunity to help us move into a position of leadership in this industry."

ZeniMax's wholly owned subsidiary, Bethesda Softworks, released The Elder Scrolls IV: Oblivion and will soon release Fallout 3.

Michael Dominguez, a managing director of Providence, will join ZeniMax Media's Board of Directors, which currently includes the president and CEO of CBS, the chairman and CEO of Metro-Goldwyn-Mayer Inc., and the president of Trump Management.